This office lease form is loosely worded guaranty where the guarantor absolutely guaranties to the landlord, its successors and assigns, the payment of all fixed rent and additional rent due under the Lease.
A New York Bare-bones Common Form of Good Guy Guaranty is a legally binding agreement commonly used in commercial leasing transactions, primarily in New York State. This guaranty form provides additional financial protection to the landlord by holding the guarantor responsible for any defaulted rent payments or other lease obligations that the tenant fails to fulfill. The "bare bones" aspect of this form refers to its simplified nature, ensuring a concise and straightforward agreement without excessive details or complicating provisions. Although it may not contain extensive clauses, it remains an effective tool for landlords to mitigate risks associated with leasing their properties. Keywords: New York Bare-bones Common Form of Good Guy Guaranty, guaranty form, commercial leasing transactions, financial protection, landlord, defaulted rent payments, lease obligations, tenant, bare bones, simplified agreement, mitigate risks. Different types of New York Bare-bones Common Form of Good Guy Guaranty variations may include: 1. Individual Guaranty: In this scenario, an individual (the guarantor), usually the principal of the tenant company or a high-ranking executive, assumes personal liability for ensuring the tenant's lease obligations are fulfilled. 2. Corporate Guaranty: Instead of an individual guarantor, a corporate entity (such as the tenant's parent company or affiliate) steps forward to guarantee the tenant's lease obligations. This type may require additional documentation to establish the corporate entity's authority to provide the guaranty. 3. Unlimited Guaranty: An unlimited guaranty imposes no monetary limit on the guarantor's liability. The guarantor can be held accountable for any outstanding rent, expenses, or damages resulting from the tenant's default. 4. Limited Guaranty: A limited guaranty, on the other hand, restricts the guarantor's liability to a specified amount, allowing them to cap their financial exposure. This type is often negotiated based on circumstances and can offer some level of protection to the guarantor. 5. Subsidiary Guaranty: A subsidiary guaranty involves a subsidiary company guaranteeing the lease obligations of its parent or affiliated company. This type allows the landlord to hold the subsidiary directly responsible if the parent company defaults. 6. Conditional Guaranty: A conditional guaranty can include certain conditions or triggers that activate the guarantor's liability. For example, if the tenant's sales drop below a certain amount or the tenant breaches specific lease terms, the guarantor may become responsible for the outstanding payments. Keywords: Individual Guaranty, Corporate Guaranty, Unlimited Guaranty, Limited Guaranty, Subsidiary Guaranty, Conditional Guaranty.
